Individual Retirement Accounts (IRA's)

Aspire Credit Union offers both Traditional and Roth IRA options for our members. IRAs are a great way to invest in your retirement needs; we offer several options to open and grow your IRA with us. For educational expense planning, we also offer Coverdell ESA’s (Educational Savings Accounts).

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IRA Basics

The Federal Government determines the contribution limits allowed each year.
- The annual contribution limit for 2024 is $7,000, or $8,000 if you’re age 50 or older.
- The annual contribution limit for 2025 is $7,000, or $8,000 if you’re age 50 or older.
The total contribution limits, to either your Traditional and/or Roth, cannot be more than your taxable compensation for the year.
Your Roth IRA contribution may be limited based on your filing status and income. Be sure you review your contribution limits.
To learn more, contact a Member Experience Coordinator to understand if your income is eligible for Traditional and/or Roth IRA contributions

Interest Rate

See our current interest rates.

Tax Advice

If you have tax questions in regard to IRA’s, consider talking with a competent tax advisor.
For more information regarding IRAs, visit: Retirement Plans FAQs Regarding IRAs | Internal Revenue Service (irs.gov).

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Wondering which IRA is best for you?

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Traditional IRA

If you anticipate being in a lower tax bracket in your retirement years, a Traditional IRA may be your best fit.

Contributions may be fully or partially tax deductible depending on your filing status and income.
Withdrawals prior to age 59 ½ may be subject to the IRS early withdrawal penalty.
Traditional IRA owners must begin taking required minimum distributions (RMD’s) after reaching age set by the federal government.

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Roth IRA

If you anticipate being in a higher tax bracket in your retirement year, a Roth IRA may be for you.

Contributions made while in a lower tax bracket during working years will grow tax-free for retirement down the road.
Qualified distributions may be distributed tax-free.

Roth contributions are on an after-tax basis, and not taken as an income tax deduction. Therefore, these are generally not taxed when distributed.
Grows tax free.
Withdrawals prior to age 59 ½ may be subject to the IRS early withdrawal penalty.

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